Bill > S676

This bill proposes several modifications to Chapter 176X of Massachusetts General Laws, which governs dental insurance regulations. Specifically, the bill removes a provision related to a carrier's contribution to surplus, updates the definition of market group sizes to include individual, small (2-50 employees), and large (over 50 employees) groups, and eliminates a specific section of existing law. The bill also introduces new requirements for Risk-Based Capital (RBC) models, stipulating that multi-line insurers with most liabilities outside dental or Massachusetts insurance cannot exceed 700% of their Company Action Level, while Massachusetts-based health and dental-only carriers will follow a different RBC model. Additionally, the bill grants the insurance commissioner the authority to waive specific reporting requirements for carriers unable to provide required information, with the condition that the commissioner must provide written notice of such waivers to relevant legislative committees. These changes aim to provide more flexibility and oversight in dental insurance reporting and regulatory compliance.

Business and Industry

https://malegislature.gov/Bills/194/S676